Central Bank of Nigeria, payment system operators move to fast-track e-Naira usage.

Written by on November 23, 2021

The Central Bank of Nigeria (CBN), payment service providers (PSPs) and other players in financial technology (fintech) met in Lagos, on Monday, to explore options for expanding the adoption of e-Naira.

At the end of the deliberation, the parties resolved to work together to ensure a faster rate of adoption of the central bank digital currency (CBDC).

Many stakeholders have assessed the adoption rate as sluggish. According to reports, a total of 488,000 consumer wallets and 78,000 merchant wallets had been downloaded across 160 countries since its launch.

Statistics from the apex Bank also showed that 17,000 transactions amounting to about N62 million, with the average transaction being about N3, 800 each had been completed.

The International Monetary Fund (IMF), last week, said the CBDC promises to improve on the dwindling remittances to Nigeria. But there are concerns about the snail rate of adoption, which many observers said could only increase with more aggressive awareness.

Speaking at Monday’s meeting, the Director, Information Technology Department (ITD) at the CBN, Rakiya Mohammed, said the CBN was neither competing with the deposit money banks (DMBs) nor other operators in the Nigerian payment system ecosystem.

Amen J. Kantiyok

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